A, B C, D and E are partners of a banking firm. State the legal position...

 

Transcribed Image Text:

A, B C, D and E are partners of a banking firm. State the legal position of the firm for the following acts of partners (a) A borrow's money in the name of the firm. (b) B orders for certain quantity of wine, on the firm's letter head. (c) C receives money from a borrower of a firm and utilized this amount for personal use without informing other partners about the receipt of this money. (d). D borrows money on his own credit by giving his own promissory note and utilizes subsequently this amount for firm's use. A, B C, D and E are partners of a banking firm. State the legal position of the firm for the following acts of partners (a) A borrow's money in the name of the firm. (b) B orders for certain quantity of wine, on the firm's letter head. (c) C receives money from a borrower of a firm and utilized this amount for personal use without informing other partners about the receipt of this money. (d). D borrows money on his own credit by giving his own promissory note and utilizes subsequently this amount for firm's use.

Answer rating: 100% (QA)

a The firm is not liable for the money borrowed by A b The fir... View the full answer